Just days until LIBOR switch to SONIA: FCA measures likely to postpone potential wave of litigation, for now December 28, 2021 With the deadline for banks to stop using LIBOR as an interest rate benchmark just a few days away, new measures taken by the Financial Conduct Authority (FCA) mean a possible wave of litigation will likely be avoided for now, though it could be “a problem postponed, rather than solved”, a leading Square Mile lawyer [...]
Half of all UK bank branches have been shut or are scheduled for closure as fintech kills off 736 locations in 2021 alone December 27, 2021 New figures published this morning show that the number of bank branches across the UK is dropping dramatically. In fact, nearly half of all banks’ branches have been lost since 2015, or are scheduled for closure, according to Which? Vulnerable customers are being left at risk of being “cut adrift”, the consumer organisation said after [...]
Tens of thousands of Monzo customers unable to access their funds as bank goes down December 24, 2021 Thousands of Brits were unable to access their money as Monzo Bank has gone down, leaving customers shut out of their accounts and unable to make or receive any payments. The meltdown came just two days before Christmas, with website Downdetector reporting that problems started just after 4pm yesterday afternoon. The issue was country-wide with [...]
Lloyds apologises after online banking customers unable to log in hours before Christmas December 24, 2021 Lloyds Banking Group apologised this morning after customers were having issues with their online banking system, just hours before Christmas. Users said they were unable to log into their accounts online. The issue reportedly started late last night. A message popped up on their screens instead, which read: “We are sorry that our internet banking [...]
Lockdowns a blessing in disguise for the City and Canary Wharf: Strict travel restrictions slowed Brexit exodus of bankers December 23, 2021 Three lockdowns in England made relocations for bankers in the City and Canary Wharf impossible, thereby significantly slowing an exodus of finance professionals post-Brexit. Closed borders and harsh travel restrictions imposed on the general public earlier this year led to banks postponing the relocation of some of its professionals, according to professional services firm EY. [...]
End of year rush sees value of FCA fines increase fourfold to £618m. highest level in six years December 23, 2021 An end of year surge in fines has seen the value of FCA fines increase fourfold to £618m this year, up from £156m last year, the highest value of fines in six years, according to new data shared with City A.M. this morning. The increase in fines in 2021 was dominated by four blockbuster fines [...]
Credit Suisse sacks staff with links to Greensill funds after review into collapse December 22, 2021 Credit Suisse has fired staff and imposed “severe” financial penalties on various individuals, as the bank investigates the failings that led to the collapse of its Greensill-linked supply chain finance funds. The Swiss banking giant commissioned the investigation after its asset management division had to suspend a $10bn range of supply chain finance funds that [...]
Exclusive: ‘No quick fixes’ in 2022 as Deutsche Bank’s global investment chief discusses inflation and central banks December 22, 2021 Inflation and central banks will be in focus next year. In fact, 2022 should be the year where central bank policy really starts to change gear, with other central banks to follow the Fed’s line on tightening, according to Christian Nolting, Global Chief Investment Officer at Deutsche Bank. “But there will be plenty of other regime [...]
Christmas in Canary Wharf: UK’s largest banks face £8.5bn HMRC bill with £35.8bn of tax under consideration December 22, 2021 Large banks face a potential £8.5bn tax liability from the UK tax authority, according to new figures obtained by Freedom of Information (FOI). The FOI to HM Revenue and Customs (HMRC), carried out by City law firm DLA Piper, showed that, at the end of March 2021, additional tax liability under investigation had increased by [...]
Brexit shift: UK short exposure in Europe declines by a third this year to lowest in five years while France and Italy take over December 22, 2021 The UK’s relative short exposure compared to the rest of Europe has steadily declined by a third to the end of November, its lowest level in over five years. Meanwhile, France and Italy are gaining ground, according to new data shared with City A.M. this morning. The change marks a dramatic shift in the short [...]